A significant part of the provisions of the Government decree on the detailed rules of the operation of the extended producer responsibility system will enter into force on 1 July 2023, however, some provisions are already applicable from 1 April.
New Rust Belt Areas in Budapest
The Hungarian Government would designate additional areas of Budapest as immediate ‘Rust Belt’ areas, where the related development regulation will be applicable.
A New Judgement May End a Decade of Debate - Liability of the Employed Managing Director
A new ruling of the Curia has finally settled the long-lasting debate on whether the general rules of civil law or the provisions of the Labour Code apply to the liability for damages of the employed managing director.
Happy Birthday GDPR – 5 Landmark Decisions of The CJEU From the Last 5 Years
Five years ago, probably the most common concern of companies across the European Union was to reach compliance with the General Data Protection Regulation. In the recent years, tempers have calmed down, nevertheless the application of the GDPR raises interesting legal questions from time to time. To celebrate the GDPR’s fifth birthday, we collected five landmark decisions of the Court of Justice of the European Union interpreting the GDPR that made a high impact on data controllers’ lives.
Lakatos Koves & Partners and Kinstellar Advise on Eximbank Zrt USD 1.25 Billion Bond Offering
Lakatos Koves & Partners, working with Clifford Chance, has advised Hungary's Eximbank Zrt on its USD 1.25 billion offering of 6.125% notes due 2027. Kinstellar, working with Latham & Watkins, advised the joint lead managers.
The Abolition of Hungarian Special Taxes: Where Will the State Make Up The Shortfall?
Significant changes are expected in the Hungarian tax system in the coming years, which could have a major impact on economic operators and individuals alike. As a result of the changes, the State is likely to lose significant revenues and the means to replace these revenues are not yet known.
Can the Hungarian Public Prosecutor Challenge Foreign Companies’ General Terms of Business in Hungarian Courts? The Budapest Court of Appeal Thinks So
In a recent case (under No. BDT2023.4623), the Budapest Court of Appeal made an important decision on the issue of jurisdiction. The case related to challenging the fairness (and the validity) of general terms of business (GTCs) of foreign service providers engaging in business with consumers in Hungary.
Construction Right to be Reintroduced Into the Hungarian Civil Code
At the beginning of May 2023, a new bill to amend certain laws to increase the competitiveness of the economy was submitted for public consultation. The bill proposes amendments to many laws, but the most important of these is the regulation of construction right in the Civil Code.
Schoenherr Advises Nufarm Hungary on Budapest One Headquarters Lease
Schoenherr has advised Nufarm Hungary on the lease for its new office headquarters in the Budapest One Office building from Futureal Prime Properties.
Allen & Overy and Shearman & Sterling Announce Merger to Create Allen Overy Shearman Sterling
On May 21, 2023, Allen & Overy and Shearman & Sterling announced they are merging into a fully integrated firm: Allen Overy Shearman Sterling – A&O Shearman for short.
Capital Markets in Hungary
Contributed by KCG Partners.
Schoenherr and Freshfields Advise on EUR 1.4 Billion Sale of Cargo-Partner Subsidiaries to Nippon Express
Schoenherr, working with Luther and Hogan Lovells, has advised the Cargo-Partner Group Holding on its EUR 1.4 billion sale of Cargo-Partner GmbH and 60 other subsidiaries to Nippon Express Holdings. Freshfields Bruckhaus Deringer advised the buyer.
Cerha Hempel Advises on Sale of Modul University Vienna
Cerha Hempel has advised majority shareholder Talents Squared Limited on the sale of a 90% stake in Modul University Vienna to a subsidiary of the Hungarian Mathias Corvinus Collegium. Brauneis reportedly advised Modul minority shareholder Wirtschaftskammer Wien. Illes Geza Marton and Graf Isola reportedly advised the Mathias Corvinus Collegium.
The Hungarian Beer War: The Competition Authority Caught Between Two Fires
In the Hungarian HoReCa sector, the question of how much competition there is in the market for beverage procurement has been on the agenda of the Hungarian competition authority and the political discourse for some time.
15 Years and Counting: HP Legal Celebrates Crystal Anniversary
HP Legal Hajdu & Partners was established in Budapest in 2008, in what feels like a different age. Celebrating 15 years in business, Partners Laszlo Hajdu, Reka Versics, and Steven Conybeare reflect on the firm’s early days, share some lessons learned, and toast to 15 more.
Cerha Hempel and CMS Advise on CA Immo Sale of Vizivaros Business Center
Cerha Hempel has advised CA Immo on the sale of the Vizivaros Business Center in Budapest to the FLE SICAV FIS real estate fund managed by FLE. CMS advised the buyer.
Daniel Gera Appointed New Managing Partner of Schoenherr Hungary
Schoenherr Local Partner Daniel Gera has become the firm’s new Hungarian office Managing Partner, taking over from Local Partner Kinga Hetenyi.
Kinstellar Appoints Seven New Partners in Bratislava, Budapest, Istanbul, and Kyiv
Seven Kinstellar lawyers have been promoted to Partner: Bratislava-based Tomas Melisek, Budapest-based Levente Hegedus, Istanbul-based Bulut Girgin, and Kyiv-based Anastasiya Bolkhovitinova, Natalia Kirichenko, Oleg Matiusha, and Illya Muchnyk.